Mc Kinsey Study – The War for Talent It will become increasingly difficult to attract and retain they best talent Supply of talent shrinking and more elusive Supply of tomorrow’s leaders declining Talent more mobile across companies Greater competition for “best” talent More sophisticated skills required for leading growth, globalization, and technological change Companies waking up to their talent gap and vying to upgrade their talent Small companies increasingly attractive
Talent Management Framework Purpose of TM TM Tools TM Processes Key Elements of TM TM Principles Definition of TM BENEFITS OF TALENT MANAGEMENT
The Talent Management Matrix Potential 3 6 9 2 5 8 1 4 7 High Medium Low Under- performing Good Strong Performance
Talent Management Matrix Illustrative Example - 9 Total Compensation Keep well ahead (25%) of market. Grant long-term incentives. Retention Assign a member of top management to monitor satisfaction and engagement. Engagement Assign to key committees, teams, networks; special invitations to meetings; provide opportunities to represent G-P in community and industry forums. Exposure Arrange exposure to significant and relevant senior management/board members, Executive Development programs. Assessment Provide complete continuous assessment, evaluation and feedback alternatives. Coach Make coaches available for key skill development. Mentor Assign a senior level mentor. Assignment Move aggressively through a series of targeted, challenging, diverse and broadening jobs every 24-36 months. Development Use challenging jobs to enhance current skills and develop others. Consider as candidate for G-P sponsored graduate or executive development programs.
“ Options for addressing strategic talent management issues”
Please complete they questionnaires in your file
CONVERSATION TOPIC #1 “ Start by paying me a decent, market-related salary …….or perhaps a little bit more. We can then focus on the other things that really matter.” What drives retention of talent?
CONVERSATION TOPIC #2 “ I want to have absolute clarity of what the Company can provide before I commit “ The psychological contract
CONVERSATION TOPIC #3 “ Freedom and autonomy mean a lot to me. Let’s discuss the expected outcomes from the task , but then leave me to get on with it.” Generation gap?
CONVERSATION TOPIC #4 “ I look at the quality of leadership before a make a decision for a better job, or consider a transfer” Career decisions
CONVERSATION TOPIC #5 “ I’m not too concerned with the rigidities and formalities of performance management systems…I just want to get on with the job. But I thrive on feedback – ongoing, honest and sometimes ‘fierce’ feedback.” Career decisions
CONVERSATION TOPIC #6 “ Although we don’t talk about it much , recognition is a big thing. Recognition through financial reward is great, but non-financial recognition also plays a big role.” Line of sight…
CONVERSATION TOPIC #7 “ I suppose I’m a true believer in life-long learning : training and development, coaching and mentoring – all those things mean a lot to me.” Drivers of talent growth
CONVERSATION TOPIC #8 “ But I regard everyone as talented. I don’t like the blue eyed boy syndrome in our organization” Definition and affirmation of talent
CONVERSATION TOPIC #9 “ My passion lies in geology. Yes, I’m obsessed with rocks. But, please, I don’t want to manage people – that’s a big turn-off for me. That said, what are my career prospects?” Only management?
CONVERSATION TOPIC #10 “ I know that I’m not the cream of the crop….I realize that I’m not super-intelligent. However, I am a solid performer and add a lot of value. I am also very loyal. Don’t forget about me.” Balance in organizations
Look after the top talent, but don’t forget about the B players.
Possibly the B players are the real stars in the organisation.
The A players tend to be constantly on the look for greener pastures, and are often very self-centred.
Like any employees, no matter how secure and grounded, B players need nurturing and recognition.
Harvard Business Review
CONVERSATION TOPIC #11 “ I look at what the psychometric tests say – it is a scientific way for me as a line manager to identify talented people” Assessment and testing
CONVERSATION TOPIC #12 “ I regard myself as a maverick . Some people even call me ‘weird’. But I also know that I make a substantial contribution to the company. Allow me to continue to push the boundaries .” Are talented people all mavericks?
CONVERSATION TOPIC #13 “ I want to be developed to my full potential ; I am the type of person that needs to be stretched. But, to the extent that it is possible, I want to maintain an acceptable work-life balance .” WLB a Company manual entry?
CONVERSATION TOPIC #14 “ Yes, I’m 48 and white and male. As you know, I have an excellent track record and still have a lot to offer. Use me , develop me, stretch me.”
CONVERSATION TOPIC #15 “ I’m 59 and should be retiring next year. But I am still healthy - mentally, physically and emotionally. Can we not work out a deal where, after retiring, I work for the company two days a week?”
Visibly energetic /Passionate/Enthusiastic … about everything. Engaging/Inspires others. ( Inspires the interviewer!) Loves messes & pressure. Impatient/ Action fanatic. A finisher. Exhibits: Fat “WOW Project” Portfolio . (Loves to talk about her work.) Smart. Curious/ Eclectic interests/ A little (or more) weird . Well-developed sense of humor/ Fun to be around. ****** No. 1 re bosses: Exceptional talent selection & development record. (Former co-workers: “Did you visibly grow while working with X?” /“How has the department/team grown on a ‘world-class’ scale during X’s tenure?”)
Cirque du Soleil : Talent (12 full-time scouts, database of 20,000) . R&D (40% of profits; 2X avg corp). Controls (shows are profit centers; partners like Disney offset costs; $100M on $500M). Scarcity builds buzz/brand (1 new show per year. “People tell me we’re leaving money on the table by not duplicating our shows. They’re right.” —Daniel Lamarre, president). Source: “The Phantasmagoria Factory”/ Business 2.0 /1-2.2004
People Department Center for Talent Excellence Seriously Cool People Who Recruit and Develop Seriously Cool People Etc.
“ In the CEO job you will not use much of what you have learnt here …you will be into people. The recruitment of people, the evaluation of people…the dealing with people” Jack…to the Stanford MBA Class